It is most common for parents to divide inheritance of property or money to be divided equally among the children. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons for doing so may vary. One reason could be that a child who is more financially successful than the others and the parent doesn’t feel it’s necessary to leave anything. Another reason may be a desire to prevent a child with special needs from losing government benefits. Or a parent may not want to leave an inheritance to an irresponsible or drug-dependent child for fear the inheritance will be wasted.
The Effects of Disinheriting a Child
Regardless of the reason, disinheriting a child can negatively affect that child’s relationship with his or her siblings. The courts are full of siblings who sue each other over inheritances but even if they don’t sue, it is highly unlikely they will be a close family unit. Money aside, there is symbolic meaning to receiving something from a parent’s estate.
The risk for Alzheimer's and other forms of dementia diseases increases significantly once you reach 65 or older, which includes much of the baby boomer generation today. By the year 2030, the 65 plus age segment of the population will increase substantially, accounting for over 20 percent of the American people. In the absence of a cure, the number of cases of Alzheimer's disease will increase. Projections that these Americans will survive well into their eighties, nineties, and beyond will dramatically increase. These longer life expectancies are due to continuing medical advancements in conjunction with improved social and environmental conditions.
There are different benefits of using a will and a trust for estate planning purposes. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should compliment the other. As a standalone, it is not accurate to say one is better than the other. The better choice for you, or a blend of both documents, depends on your assets and life circumstances. Begin by assessing your situation, goals, and needs, and understanding what wills and trusts do to guide your decision making. Then, along with an attorney, you will be able to identify the solution that best suits and protects your family.
At its most basic level, a will allows you to appoint an executor for your estate, name guardians for your children and pets, designate where your assets go, and specify final wishes and arrangements. A will is only enacted upon your death. It has some limitations regarding the distribution of assets, and wills are also subject to a probate process (which occurs in court and is overseen by a judge) and, as such, are part of public records.
The information on this website is for education purposes only and is not, nor is it intended to be, legal advice. An attorney consultation is necessary for you to receive advice regarding your particular situation.